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Subscription to Raise £364,705
Subscription to Raise £364,705.
About this update from Capital Metals Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n17 July 2023\n \nCapital Metals plc\n \n(\"Capital Metals\" or the \"Company\")\n \nSubscription to Raise £364,705\nRelated Party Transactions\n \nCapital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the \"Project\"), announces a subscription to raise gross proceeds of £364,705 through a subscription for 36,470,566 new ordinary shares (the \"Subscription\") at an issue price of 1p (the \"Issue Price\").\n \nThe Subscription comprises investments from predominantly non-United Kingdom investors whom were unable to participate in the placing of £500,000 announced on 20 June 2023 (the \"June Placing\"), and includes subscriptions from certain directors of the Company whose participation is set out below.\n \nThe proceeds from the Subscription and the June Placing will be applied to general working capital, to accelerate the Company's actions to secure the lifting of the suspension of its Industrial Mining Licences in the northern area of the Project (announced on 12 December 2022), and to advance the Environmental Impact Study at EL199 in the southern area which holds approximately 60% of the total mineral sands resource of the Project and is not subject to the suspension. \n \nThe Subscription has been conducted within the share capital authorities granted at the General Meeting held on 12 July 2023.\n \nRelated Party Transactions - Directors' Subscriptions\n \nIt was previously notified on 23 June 2023 that certain directors (which now include a former director) intended to subscribe for shares, with the payment of subscription monies being satisfied following the payment of overdue directors' salaries and fees which certain directors have accrued to 30 June 2023. These shares (which are included in the above Subscription) will be issued on the basis of 1 new share for each 1 penny of fees owed (the \"Directors' Subscriptions\").\n&...